Is your practice considering merging with or acquiring another medical practice? You’re not alone. We’re seeing it happen across the board, from university systems to localized specialized physician groups working together to provide the right care to their patients. Medical practice consolidation is a great way to generate more revenue while combining overheads and reducing costs.
Let’s explore why medical practice consolidation is a hot trend.
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If you’re considering expanding your medical office, signing a new lease, or moving to a new office, it’s essential to examine the patient service mix of your area. This necessary market research will provide invaluable insight into patient volumes and potential demand for service, allowing you to make smart business decisions based on usable data. Having an understanding of the patient service mix will help you gauge resource needs in terms of space, staff, equipment, and accessibility.
Here’s how to go about it.
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A well-planned optometrist’s office delivers improved business efficiency and better patient experience. Whether you’re opening a new optometry practice or relocating or expanding an existing one, there are specific considerations to keep in mind when planning for your space.
While searching for or creating the perfect location for your optometry practice, you’ll need to keep in mind the amount of space you’ll need, the equipment you’ll need to power, the layout you wish to achieve, and more.
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The type of care that patients are seeking and receiving has changed significantly in recent years, with hospitals shifting their focus from providing urgent or emergency treatment towards general and preventive care. This change has been driven by several factors, with a general shift towards wellness, advances in medical technology, and the way that the Affordable Care Act handles billing and reimbursements among them. It’s a trend that’s going to continue.
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According to the Department of Labor, the healthcare industry is set to grow 14% through 2028 – faster than any other sector. The reason for this is twofold: an aging population, along with a greater demand for medical care.
While this is potentially excellent for the bottom line of your medical practice, it brings with it some challenges: namely the recruitment and retention of staff in an increasingly competitive sector. Rapid industry growth means not only will medical offices face a possible staff shortage but retaining existing staff may become more difficult. With human capital being one of the highest costs of running a medical practice, it pays to be mindful of both how you recruit and retain staff.
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In today’s competitive medical landscape, your hospital needs to be able to differentiate itself from other providers. Effective market positioning can have a powerful impact on how your business is performing, attracting new patients, evolving your patient mix, and drawing high-performing doctors and employees.
You may already have a brand position in mind, but before embarking upon a brand overhaul or marketing campaign, it’s vital to undertake a market analysis. Review what your competitors are doing, and gauge how the public perceives you. This will help you identify potential gaps in the market, as well as determining what needs to be done to separate you from competing hospitals or clinics.
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Physician offices are increasingly investing in point-of-care diagnostic testing– and with good reason. On-site diagnostic capabilities not only have the potential to deliver improved patient outcomes but also to reduce practice costs.
There are numerous reasons why physicians are moving away from sending outpatient samples and towards doing their own analysis in house. These include:
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You’ve probably got a hazy vision going of your new medical office. Maybe you’ve even got a list going. Now, you need to start solidifying what you’re looking for in a space.
Whether you’re relocating, expanding, renewing your lease or just planning ahead – you’ll want to make sure you’re meeting the needs and expectations of patients and physicians.
In fact, every office design, layout and building decision should take into consideration how it influences these two areas of your medical practice: staff efficiency and patient experience. It might be overwhelming but don’t fret.
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Healthcare customers are increasingly demanding a full-service, integrated approach. The same trends that are emerging in retail are at the forefront of healthcare provision. In 2018, customer-centric design is all about creating spaces that are seamless, functional and frictionless.
Healthcare customers don’t want to have to go out of their way to access a service – nor do they want to travel to multiple providers. They want to be seen promptly and in a comfortable setting. The entire experience is increasingly aligning with an all-in-one, hospitality-inspired approach.
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Keeping a medical practice running smoothly is one of the hardest challenges office managers face today. Having to juggle various administrative burdens while keeping your office fully staffed and maintained often takes a backseat to acquiring more patients.
Ensuring your patients’ satisfaction means tending to their worries and woes. The best way to do that is to have a staff that’s attentive, available, and extremely knowledgeable. Your staff must be willing and ready to meet with their patients one-on-one, give accurate and adequate information and offer each patient peace of mind.
How can you make that happen? Easy, follow these six tips.
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A millennial healthcare experience
A 25-year-old man goes in to see his doctor. He has a series of questions about symptoms he has and a few ideas of what could be wrong based on online research.
The doctor examines him, and she quickly rules out a couple of the man’s suggestions but finds one is a real possibility. She decides to order some blood work to confirm, submitting the order on her tablet. Then, she adds a few notes to the patient’s electronic chart.
The next day, the patient receives a text message notifying him that his test results are now available in his patient portal. He quickly logs in and reviews the info. It includes a message from his doctor, outlining a brief plan of action and direct contact number for any questions.
Sound familiar to you?
This is the landscape that every healthcare office either has entered or will enter in the near future.
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Healthcare is and always has been an industry that changes rapidly. 2018 has been no different, but this year the trends have focused on value, quality of care, and patient outcomes.
Many medical practices have been scrambling to try to figure out how they can deliver the best patient care experience while continuing to turn a profit. This challenge has become more and more difficult due to high overhead, tightened government regulations, and only a finite number of hours in the day with which to devote to patients.
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